Financial Performance - For the year ended December 31, 2023, the group's revenue decreased by 32.1% to approximately HKD 28.9 million from approximately HKD 42.5 million for the year ended December 31, 2022[5]. - The group's gross profit fell to approximately HKD 8.4 million, a decrease of about 29.4% from approximately HKD 12.0 million in the previous year[5]. - The company recorded a loss attributable to owners of approximately HKD 5.7 million, compared to a loss of HKD 3.4 million in the previous year[5]. - Operating loss increased to approximately HKD 6.0 million from HKD 3.0 million in the previous year[6]. - The total comprehensive loss attributable to owners for the year was approximately HKD 5.8 million, compared to HKD 3.2 million in the previous year[7]. - The company reported a loss of HKD 5,686 million for the year ended December 31, 2023, compared to a loss of HKD 3,402 million in the previous year[12]. - The company’s total comprehensive loss for the year was HKD 5,764 million, reflecting a significant increase in losses compared to the previous year[12]. - Basic loss per share increased to HKD 0.6 in 2023 compared to HKD 0.4 in 2022, reflecting a deterioration in financial performance[32]. Revenue Sources - The company experienced a decrease in revenue primarily driven by reduced income from elderly care and medical center projects, partially offset by increased income from office property projects[5]. - Revenue from office and elderly care projects accounted for 94.1% of total revenue, amounting to HKD 27.2 million, compared to HKD 37.9 million (89.1%) in the previous year[48]. Assets and Liabilities - Total assets decreased from HKD 80,359 million in 2022 to HKD 69,634 million in 2023, a decline of approximately 13.3%[9]. - Total liabilities decreased from HKD 8,136 million in 2022 to HKD 4,334 million in 2023, a reduction of approximately 46.7%[10]. - Equity attributable to owners decreased from HKD 72,218 million in 2022 to HKD 65,300 million in 2023, a decline of approximately 9.5%[12]. - Cash and cash equivalents decreased from HKD 25,116 million in 2022 to HKD 19,062 million in 2023, a decline of approximately 24.2%[9]. - The company’s retained earnings decreased from HKD 38,811 million in 2022 to HKD 33,125 million in 2023, a decline of approximately 14.7%[12]. Expenses and Costs - Administrative expenses decreased to approximately HKD 14.1 million from HKD 15.3 million in the previous year[6]. - Sales and distribution expenses increased from HKD 0.9 million to HKD 1.2 million due to an increase in employee costs[56]. - Rental liabilities interest expense decreased to HKD 27,000 in 2023 from HKD 52,000 in 2022, indicating improved cost management[28]. Corporate Governance - The group has adopted corporate governance practices in line with GEM listing rules, ensuring compliance with all governance principles[72]. - The board of directors has established an audit committee in compliance with GEM listing rules, which consists of three members as of December 31, 2023[84]. - The board believes that the current governance structure does not weaken the powers of the board and management, and will continue to review the effectiveness of the corporate governance framework[73]. - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with trading rules prior to financial announcements[79]. Future Outlook - The group plans to invest more resources to undertake larger projects and explore new business opportunities to maximize long-term returns for shareholders[47]. - The group remains cautiously optimistic about the recovery of the interior design and renovation market, particularly in commercial spaces, medical centers, and elderly care facilities[47]. - The group expects demand for office renovation to rebound as market sentiment stabilizes and pandemic-related restrictions are lifted[46]. Miscellaneous - The company has not provided specific guidance for future performance or new product developments in the current report[5]. - The company has not yet adopted new standards that are effective from January 1, 2024, which are not expected to have a significant financial impact[20]. - The company will hold its annual general meeting on June 7, 2024, with details to be sent to shareholders in due course[81].
K W NELSON GP(08411) - 2023 - 年度业绩